The jump in the Caixin services PMI means that the survey data for May now suggest economic momentum remained fairly robust last month. We think strength in exports, a step-up in fiscal support and...

Resolution of China’s property crisis would result in residential sales being substantially higher than today. Sales could rise by a third. But we wouldn’t expect prices to increase by much, if at all...

The recent slowdown in deposit growth does not signal a recovery in risk appetite among firms and households. On the contrary, it is being driven by their reluctance to borrow and their preference for...

Whilst export values of the “New Three” fell for the sixth consecutive month in y/y terms in April, export volumes remained close to their record peak. Meanwhile, the sharp drop-off in China’s exports...